Your Own Liberty - Investing and Stock News
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
Your Own Liberty - Investing and Stock News
No Result
View All Result
Home Investing

Tether CEO Calls Out Ripple Chief for Inciting Panic About USDT

by
May 13, 2024
in Investing
0
Tether CEO Calls Out Ripple Chief for Inciting Panic About USDT

Tether CEO Paolo Ardoino fired back at Ripple after the company’s CEO alleged the US government is going after USDT.

Ardoino didn’t directly mention Ripple or its CEO Brad Garlinghouse. But his comments likely refer to Garlinghouse’s earlier statement expressing concern that scrutiny into Tether could disrupt the cryptocurrency market. Interestingly, Ripple is planning to launch its own USD-backed stablecoin in June.

“An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDT,” Ardoino said in a post on X on Monday.

An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.

Let me give you an update on Tether USDt ecosystem safety.

USDt is the most used stablecoin in the world, with…

— Paolo Ardoino (@paoloardoino) May 13, 2024

Ripple didn’t return Cryptonews’ request for comment by press time.

Tether Scrutinized for Transparency and Sanctions Concerns


Garlinghouse’s remarks come amid concerns surrounding Tether. According to TRM Labs, terrorist organizations and countries facing sanctions, like Russia, purportedly used Tether to evade US economic restrictions.

Further, policymakers have expressed concerns about stablecoins issued offshore, like Tether. They have cited potential connections to illicit financial activities. Stablecoins, which are tied to fiat currencies, have gained popularity for facilitating transactions within the crypto sphere. This has led to scrutiny over issuer transparency and regulatory supervision.

Tether CEO Highlights Anti-Illicit Activity Efforts and Regulatory Compliance


In Tether’s defense, Ardoino highlighted that USDt is the most utilized stablecoin globally, boasting hundreds of millions of users, particularly in emerging markets and developing nations. He emphasized that USDt has consistently demonstrated robust price stability, substantial liquidity reserves, reputable custodianship, and comprehensive compliance measures over time.

He also defended the company’s compliance record. The exec provided statistics to show Tether’s history of working with global law enforcement and following regulations. Specifically, he emphasized Tether’s adherence to the OFAC/SDN (Office of Foreign Assets Control’s Specially Designated Nationals) lists.

He added that Tether has blocked more than $1.3b in potentially illicit funds since its inception. The vast majority is linked to scams, hacks, and money laundering, with a smaller amount (around $1.6m) flagged for possible terrorist financing.

Tether has faced criticism in the past for not being transparent about the assets backing USDT. However, it has taken steps to address this concern. In recent years, it begun publishing quarterly audits conducted by independent third parties.

This shift came after a Oct. 2021 incident when the Commodity Futures Trading Commission (CFTC) fined Tether $41m for misleading customers about its reserves. The CFTC found that Tether only had enough traditional currencies (fiat) to fully back USDT for less than a third of the time between 2016 and 2019.

The post Tether CEO Calls Out Ripple Chief for Inciting Panic About USDT appeared first on Cryptonews.

Previous Post

Over One Million Pudgy Penguin Toys Sold in the Past Year

Next Post

Franklin Templeton CEO Bullish on Blockchain Technology and Asset Tokenization Trend

Next Post
Franklin Templeton CEO Bullish on Blockchain Technology and Asset Tokenization Trend

Franklin Templeton CEO Bullish on Blockchain Technology and Asset Tokenization Trend

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Popular News

    Peloton launching resale market for used bikes, treadmills

    Peloton launching resale market for used bikes, treadmills

    June 8, 2025
    House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

    House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

    June 8, 2025
    Desperate to get its illegally detained civilians out of Russia, Kyiv offers Ukrainian collaborators in exchange

    Desperate to get its illegally detained civilians out of Russia, Kyiv offers Ukrainian collaborators in exchange

    June 8, 2025

    About Proud For Profits

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Main Categories

    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Latest News

    • Peloton launching resale market for used bikes, treadmills
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 yourownliberty.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Copyright © 2025 yourownliberty.com | All Rights Reserved